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Legal Experts and Minds: Feedback needed on Consent Judgment Entry (Time Sensitive)


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Below is the Consent Judgment Entry received from the Atty. Legal minds and experts please review BEFORE I even consider signing...

In addition, please review sections in red and provide clarification...

THE PARTIES HERETO AGREE to Judgment for the Plaintiff, against the debtor, et al., in the sum of $xxxx.xx plus interest at the rate of 6.00% per annum from date of judgment plus court costs.

DEFENDANT'S Counterclaim is hereby Dismissed with Prejudice.

Plaintiff agrees not to execute on said Judgment other than the filing of a judgment lien, so long as the Defendant pays this Judgment at the rate of $xxx.00 per month on the last dat of each month beginning August 31, 2006 until paid in full. If Defendant defaults on the payment plan as described above, judgment shall revert back to prayer of Plaintiff's Complaint, as judgment in favor of Plaintiff and against the Defendant, in the amount of $xxxx.xx plus interest at 6.00% per annum from date of judgment plus court costs, less any payments already received.

Checks should be made payable to <OC Name> and should be mailed, postage prepaid, to the office of the Plaintiff's attorney. The date of the payment shall be evidenced by the postmark on the envelope containing the payment.

In the event that the Defendant fails to submit any payment on time or for the full amnount, after allowance of a five (5) day grace period, Plaintiff shall have the right to commence execution proceedings for the full judgment amount which is then due and owing, including court costs and interestm without further order of the Court.

The parties agree that acceptance by the Plaintiffs of any payment made after it becomes due shall not constitute a waiver of the timeliness requirement concerning that payment, not any future payment.

IT IS SO ORDERED.

Prior postings on this case...

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=256139

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=256512

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Guest E. Normis Debtor
The date of the payment shall be evidenced by the postmark on the envelope containing the payment.

The postmark on the envelope is the date of payment. If payment is due 8/1, and the postmark is 8/1, your payment was on time.

In the event that the Defendant fails to submit any payment on time or for the full amnount, after allowance of a five (5) day grace period, Plaintiff shall have the right to commence execution proceedings for the full judgment amount which is then due and owing, including court costs and interestm without further order of the Court.

They gave you a 5 day grace period for your payments. If payment is due 8/1 the postmark must be not later than 8/6. 8/7 is late and you defaulted on your agreement. They can then enforce the original judgment.

The parties agree that acceptance by the Plaintiffs of any payment made after it becomes due shall not constitute a waiver of the timeliness requirement concerning that payment, not any future payment.

The word "not" above is a typo; it should be "nor". Means they get to keep any payments you make, but if any one payment wasn't on time, you defaulted on the agreement and they can enforce the original judgment if they so choose at any time they choose. Though they must give you credit for all payments.

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It is a pretty straight forward agreement, though you want to add in that:

"These terms remain in effect between defendant and plaintiff and any future assigns or purchasers of the debt from this day forward."

Also:

"If assignment, transfer, or sale of the debt is to occur, defendant is to be notified in advanced. Further any changes in payment arrangments to the payment recipient shall be made in advance of any payment due date."

"Late or missed payment due solely to the actions of the plaintiff, plaintiff's attorney, or any assignee, transferee, or purchasee is NOT to be construed as a failure by the defendant to fullfil any of the terms of this agreement."

You dont want them selling it to a flybynight debt purchaser who then changes terms on the fly., etc.

I am assuming the $XXX per month is something you are comfortable with and CAN comply with.

I'd setup a seperate bank account at a different bank, and keep TWO payments in the account at all times, then allow them to have electronic transfer arrangement with that account, assuring NO mistakes on payment being made. Just as a safety measure.

There is no mention of how this will be reported on your credit report. If "filing" a lien leads to a black mark on your credit report, exactly WHAT are these people doing FOR YOU in this matter?

You are choosing to reach an agreement, and make thier life easier and less expensive by avoiding trial. All you want is to not have your credit harmed any further than it is. So What actions will they take in thier reporting to lessen the damage to your credit rating?

If they offer you NOTHING in an agreement, then why bother?

It is literally NO SKIN off thier teeth to make a concession on reporting, You are agreeing to GIVE them a judgment against you by consent, that they would be empowered to nuke you over if you default in the payment plan. In return you deserve to have NO REPORTING of a judgment, ever, so long as it is paid as agreed and is ultimately paid in full.

Otherwise, if they just report a judgment as usual, you have a new second blackmark with a new 7 year (minimum) reporting life ON TOP OF the black mark from the OC's TL that is on for 7 yrs from DOFD.

They seem to want thier cake and eat it too. The specifics of reporting are not detailed in that agreement, the "filing of a judgment lien" equates to exactly WHAT in terms of reporting.

Now if it means that a mention is made but can be REMOVED upon final payment, thats ok, not great but ok. But the "REMOVAL of the lien" terms need to be in writing in that agreement.

"Plaintiff, plaintiff's attorney, and any future assigns and/or purchasers agree to REMOVE any lien and any and all reporting of a lien from the defendant's credit reports and record upon final payment and completion of Defendant's obligation under this agreement."

Hope that helps, those are my thoughts.

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